withdrew nearly $ 47,000 million from the Leliq and managed to stem the rising dollar

The Central Bank has been put on the line this Tuesday after two days (yesterday and Friday) when the dollar exploded. As expected by iProfesional, the official intention was to go out and absorb weights in order to put an end to upward pressure on the note. The strategy, which has been achieved today, has paid off: the wholesale dollar has dropped 50 cents to $ 38.55.

Guido Sandleris absorbed about $ 140,075 million through the issuance of liquidity letters (Leliq) when it expired around $ 93,325 million. In this way he has withdrawn pesos in net terms for about $ 47,000 million. The de facto rate has not only continued to fall, but has increased slightly: it was 61.25% a year.

"After last week's strong expansion and the increased volatility of the exchange rate, the BCRA again significantly absorbs the pesos and slows down the exchange rate," said Gabriel Caamaño, an economist at Ledesma Consulting.

The specialist added that this Tuesday saw the highest net monetary absorption via Leliq over the last fifteen days. In particular, you have to go to November 13 to find a higher net absorption.

"The drop in buying pressure and the slight improvement in supply have resulted in the decline of today, maintaining the $ 39 exchange rate reached on Monday," said Gustavo Quintana, operator from Cambios PR.

With an uneven and mixed route, the North American currency partially corrected the sharp rise that began five days ago. Trading volume in the cash sector amounted to US $ 606.17 million and another US $ 103.20 million in MAE futures.

In the In the retail market, the greenback fell by 39.58 USD, according to the average output of the Central Bank among the main entities of the city. This represents a drop of about forty cents compared to Monday's close..

Meanwhile, in the informal market, the "blue dollar" was at $ 37.75, also down and in imitation of the movement experienced by the various quotes of the greenback.

What was happening in the city? As they have insured iProfesional at the monetary tables of some private banks, several reasons explain this recent increase:

1.- Increased business demand to cover the gains that they had got with their pesos bets

2.- The closing of carry trade transactions towards the end of the month

3.- The biggest outflow of foreign investors who were positioned in short government bonds in local currency

4.- The rare offer of foreign exchange through cereals or minessince they are not winding up

They confirmed in some banks that the disarmament of the positions in pesos had been going on for a week. "Now, this is becoming more obvious because the flow of supply has disappeared and, instead, dollarization has advanced in December," explained one of the sources.

Until now, so far this month, those who had chosen to stay in pesos can not celebrate. Is the rate of 50% per annum – which pays a term investment adjusted by Badlar for amounts greater than one million pesos -, "loses" if the exchange rate goes up? $ 1.5 or more.

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